Weekend Forex & Gold Technical Analysis

Daily Technical Analysis on 5th August 2016

Today’s Technical Pairs: EURUSD, GBPUSD, AUDUSD, USDJPY & GOLD.

EURUSD

The euro has been declining the 2nd day in a line. The individual currency weakened among the growing dollar. The Euro-zone Economic Bulletin did not give any interesting information. The investors’ consideration now turns to the US nonfarm payrolls report which will be published on Friday. The dollar traded mixed on yesterday, normally higher across the euro. The pair stands in a negative floor. The resistance finds in 1.1200, the support comes in 1.1130 levels.

In the 4HR chart, the instrument rebound from the 50-EMA which Passover the 100 and 200 EMAs. The moving averages are in neutral position. If the value makes another attempt & this time crack under the level 1.1130 support region after that we might see reduce towards 1.1050 and 1.1000 levels.

GBPUSD

The sterling showed a sharp fell for the 1st time following the Brexit referendum after the BoE’s decision to cut the basis rate by 0.25 percent and to launch the bond buying plan. The GBP had a negative day on last day. The pair had a sharp fall to the support level of 1.3100 regions where the downward desire run-down. The Sterling lost regarding 1.60 percent throughout the course of the day. The current resistance comes in 1.3300, the support finds at 1.3100 levels.

The instrument rebound from the 200-EMA and drops in the 4HR chart. The GBPUSD cracks in the 100 and 50 Day EMAs on its path. The value is under the moving averages which act as a resistance now. We are forwarding the 1.3100 support break and after that constant fall with an additional target at 1.2900 levels.

AUDUSD

The Aussie dollar grew on the rear of the negative Retail Sales in the nation. The index came in worse-than-predicted which did not block the Australian dollar from regaining its growth. The AUDUSD held a bullish tone yesterday. The pair was mounting the full day & touched the 0.7630 mark level; this is the highest level from July 15th itself. The resistance seems in 0.7700, the support remains at 0.7600 levels.

The indicator produces a buy signal. RSI surrounded the overbought region. The value is drifting over the 50, 100 and 200 Day EMAs in the 1HR chart. The moving averages are driving upside directions. The AUDUSD can grow to the 0.7700 resistance level. Following a cracks in 0.7700 levels the buyers might go to 0.7800 levels.

USDJPY

The yen grew after the Kikuo Iwata comments a Bank of Japan deputy governor. According to Mr. Kikuo Iwata the controllers do not have any preset schedule for its current policy. The pair stayed neutral, standing under 101.40 levels. The resistance place at 101.40 levels, the support finds in 100.40 levels.

The instrument smashed the 50-EMA before evacuating it in the 1HR chart. The moving averages of 50, 100 and 200 directs downwards in the 1HR chart. Overall scenario looks neutral, waiting for the NFP in the US. In the image where buyers recur to the market place the pair grows towards 102.50 levels. Or else, the instrument will reduce to 100.40 levels.

XAUUSD

Gold grew & regained its previous losses after the Bank of England decision to cut the rate. The XAUUSD had a positive day on yesterday. Traders forced the gold higher to the mark level of 1364 where the value had found a solid resistance. The resistance is seems in 1370 levels, the support remains in 1350 levels. In the 1HR chart price shows that the cracks in 50 and 100 EMAs before returning over them. The 50, 100 and 200 Day EMAs are driving upwards in the 1HR.

The key point of focus on Friday is Non Farm Payrolls in the US. In the outlook when the Fed publishes the positive unemployment report the yellow metal futures will decline towards 1350 levels. Conversely, the gold will grow over 1370 levels.

Risk warning: Trading foreign exchange (Forex Trading) and contracts for differences (CFDs) on margin carries a high level of risk, and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Please ensure you fully understand the risk involved before trading, and if necessary seek independent advice.